Ever since millennials entered the workforce, we've been redefining career goals.
We're the generation that bore the gig economy, social media influencers, and the side hustle. We prioritized flexible hours, self-care and personal satisfaction in the workplace. We believed our dream job was out there if we just kept working to find it . But then, something shifted.
Call it disillusionment or just getting older, but the new millennial career dream is not having a job at all. Blame burnout in the digital age, where work-life balance is nearly impossible; or blame companies like Google and Facebook, who once topped the list of ideal employers before wage gaps, election hacking, privacy infringements and other scandals tarnished their reputations.
Whatever the reason, for some, the dream job has been replaced by the dream of early retirement. Enter the FIRE (Financial Independence Retire Early) movement—a rapidly growing collective of big-thinkers who are saving to retire by their 30s and early 40s.
Hard work pays offPractical Money Skills
FIRE sowed its seeds on Reddit forums and millennial money blogs—which preach the gospel of 70%, AKA saving 70% of your yearly income for a fixed amount of time. Attempting as much on an average salary involves a lot more than coupon cutting. Every penny saved—through blood, sweat, second jobs and serious downsizing—goes into income-earning investments like low-fee retirement accounts.
It may sound far-fetched, but for some 30-something savers, retirement is already a reality. In September, The New York Times profiled several individuals, formerly employed in tech, finance, creative, and recruiting fields, who have already called it quits on the working world.
While some FIRE folks have had the benefit of hearty six-figure salaries, others have managed to punch out their time cards indefinitely by maximizing more modest salaries. But fair warning: it isn't easy.
Members of the FIRE movement looking to retire ASAP work round the clock and pinch pennies to the extreme—we're talking no dinners out, no movies, no gym memberships, and no life until their retirement finances are in order.
So how much downsizing are we talking about? One couple, Scott and Taylor Rieckens—both in their 30s and earning a combined $160,000 prior to ditching their 9-to-5 jobs—moved their family from California to Oregon to scale back on rent, sales tax, and gas mileage. They also swapped one of their cars for a more cost-effective bicycle. But on the plus side, they no longer work day jobs and have more time to spend raising their child and developing pet projects.
The RieckensThe New York Times
"The whole retire early thing is unimportant to me. It's more about gaining control of your time," Scott, a former creative director, told the Times. "If you dive into the definition of retirement, what you're retiring from is mandatory labor. It's not necessarily about piña coladas on the beach."
Las Vegas residents Joe and Ali Olsen can attest to that. Both began as teachers in 2004, when they decided they wanted to work less and travel more. By taking on extra jobs—from teaching summer school to running fitness programs—they slowly but steadily increased their earnings by about 50% without increasing their spending habits.
Joe and Ali Olsen with their childBusiness Insider
"We kept driving the same cars... We also ate at home, a lot. Eating out was rare, and a treat," Joe told Business Insider in 2017.
The couple continued living on a $20,000-a-year household budget and saving around 75 percent of their combined $80,000 annual income until they accrued enough to buy a rental property. Then they bought 14 more.
"When we started acquiring rentals, friends and family would ask when we were going to move into one of these three-bedroom, 1,800 square feet places, rather than our tiny condo," Joe told Business Insider. "But we were happy where we were. We never felt like we were depriving ourselves, because simple pleasures were enough."
A search of the FIRE Reddit forum, which boasts around 430,000 subscribers, reveals that some of the biggest hardships are letting go of the small indulgences. One user bemoans saying goodbye to craft beer, another gave up bowling. One user misses pizza delivery the most, while a few gear-heads have traded in their prized wheels for used cars. But many agree that a life without Starbucks and gym memberships is worth the long-term independence.
While there's no precise formula for extremely early retirement, there are some hacks to get started, including setting up auto-recurring bank transfers that withdraws money at set times depending on your paychecks, so that portions are allotted to checking, savings and investments automatically.
"When it comes to investing, the most common investment strategy of FIRE folks is to max out traditional IRAs and 401(k)s and put the remainder of their money in low fee index funds," notes Vice's Shomari Wills, who covered the phenomenon back in June. "Compounding interest helps the money pile up faster."
Then there are the bargain-basement tricks that the Reddit community shares with each-other—from renting video games at the library, to coupon-ing, and maximizing credit card points and other hacks.
Every penny counts www.valpak.com
But for all the bargain-hunting brags, the journey to financial freedom can take its toll. "Anyone else tempted sometimes to 'give up?'" one FIRE Redditer asked, before describing another taxing day of work and hardcore savings.
"Individuals who retire early are choosing to stop their earned income, which is the greatest defense against life expenses," Hank Mulvihill, a Dallas-based senior wealth adviser warned Marketwatch readers. "This is a decision not to be taken lightly."
One issue with retiring so early is unexpected expenses— think surprise pregnancies or health issues. If emergency money is tied up in retirement funds, penalty fees for early withdrawals will set you back. The precarious state of the healthcare system also makes planning ahead a challenge.
Then there's the issue of putting your happiness on hold in the hopes of future financial freedom.
"Financial independence shouldn't come at the cost of your happiness as you work endlessly and never enjoy the fruits of your labor in fears of derailing your early retirement goals," writes Hank Coleman on Yahoo Finance.
Time to relax amp.businessinsider.com
Remember the Olsens? They have a different take. In 2015, just eleven years after entering the workforce, the couple had saved over $1 million, and decided to quit their teaching jobs in order to travel around the world. While they still oversee their many rental properties, they've gained the flexibility to pursue the dreams they never had time for before. They also keep a blog, Adventuring Along, where they chronicle their travels and offer financial and real estate coaching.
"Teaching was one of our lives," the pair shared on their blog. "We loved it, but we also love our new one of travel and kids. Financial independence gives us the ability to take the risks to explore these lives. Despite loving our jobs, we quit, and couldn't be happier."
- How to Retire in Your 30s With $1 Million in the Bank - The New ... ›
- Longmont man embraces FIRE movement, retires in his 40s ... ›
- Retire in your 30s with the FIRE movement ›
- Your Questions About FIRE, Answered - The New York Times ›
- 7 Things You Can Learn From The FIRE Movement | HuffPost ›
- Financially Independent, Retire Early: What is the 'FIRE' movement ... ›
- The Basics of FIRE (Financial Independence and Early Retirement) ›
Over the past month, both Haiti and Afghanistan have been pummeled by tragic disasters that left devastation in their wake.
In Haiti, a 7.2 magnitude earthquake erupted, leading over to 2,189 deaths and counting. A few hours later, in Afghanistan, Kabul fell to the Taliban just after U.S. troops had pulled out after 20 years of war.
In many ways, these disasters are both chillingly connected to US interference. The United States invaded Haiti in 1915, ostensibly promising to restore order after a presidential assassination but really intending to preserve the route to the Panama Canal and to defend US creditors, among other reasons.
But the US forces soon realized that they were not able to control the country alone, and so formed an army of Haitian enlistees, powered by US air power and intended to quell Haitian insurrection against US controls. Then, in 1934, the US pulled out on its own, disappointed with how slow progress was going. Haiti's institutions were never really able to rebuild themselves, leaving them immensely vulnerable to natural disasters.
Something similar happened in Afghanistan, where the US sent troops and supported an insurgent Afghan army – only to pull out, abandoning the country they left in ruins, with many Afghans supporting the Taliban.
In both cases, defense contractors benefited by far the most from the conflict, making billions in profits while civilians faced fallout and devastation. While the conflicts and circumstances are extremely different and while the US is obviously not solely to blame for either crisis, it's hard not to see the US-based roots of these disasters.
Today, in Haiti and Afghanistan, civilians are facing unimaginable tragedy.
Here are charities offering support in Afghanistan:
1. The International Rescue Committee is looking to raise $10 million to deliver aid directly to Afghanistan
2. CARE is matching donations for an Afghanistan relief fund. They are providing food, shelter, and water to families in need; a donation of $89.50 covers 1 family's emergency needs for a month.
3. Women for Women International is matching donations up to 500,000 for Afghan women, who will be facing unimaginable horrors under Taliban control.
4. AfghanAid offers support for people living in remote regions of Afghanistan.
5. VitalVoices supports female leaders and changemakers and survivors of gender-based violence around the world.
Here are charities offering support in Haiti:
1. Partners in Health has been working with Haiti for a long time, and they work with the Department of Health rather than around them, which is extremely important in a charity.
2. Health Equity International helps run Saint Boniface Hospital, a hospital in Haiti close to the earthquake's epicenter.
3. SOIL is an organization based Haiti, "a local organization with a track record of supporting after natural disasters." They are distributing hygiene kits and provisions on the ground to hospitals and to victims of the earthquake.
4. Hope for Haiti has been working in emergency response in Haiti for three decades, and their team is comprised of people who live and work in Haiti. They focus on supporting children and people in need across Haiti.
When the new Tiffany's campaign was unveiled, reactions were mixed.
Tiffany's, the iconic jewelry brand which does not (despite what some might be misled to believe) in fact serve breakfast, featured Jay Z, Beyoncé, and a rare Basquiat painting in their recent campaign.
The aesthetics were undeniably luxe and historic. The campaign showcased the rarely-seen Basquiat painting Equals Pi (1982), which the brand acquired for the background's proximity to its distinctive Tiffany blue. Also notably historic is that Beyoncé was the first Black woman to wear the 128.54 carat Tiffany Diamond.
Before Beyoncé, the only other stars to wear the yellow diamond were Mary Whitehouse, wife of American diplomat Edwin Sheldon Whitehouse, Hollywood icon Audrey Hepburn, and singer Lady Gaga.
"Beyoncé and Jay-Z are the epitome of the modern love story …. Love is the diamond that the jewelry and art decorate," said the press release accompanying the campaign.
The campaign, titled "About Love," is stunning and has both classic and contemporary references. The image of the couple posing in front of high art recalled the iconic stills from their "APESHIT" music video, for which they famously rented out the Louvre and posed in front of the Mona Lisa.
THE CARTERS - APESHIT (Official Video) www.youtube.com
Their "APESHIT" photo made a giant cultural impact for its juxtaposition of Western beauty and Blackness. Tiffany's campaign seemed to have similar goals — showcasing Beyoncé and Jay Z as the peak of luxury, this time juxtaposing the Basquiat and the Tiffany diamond.
As a Black couple, their appearance in such a luxury campaign was a big move for representation, but in a post 2020 landscape, there was an outcry of criticism.
Despite the aesthetic beauty of the image, the high capitalist undertones didn't sit right with some on the internet — largely younger demographics. Though this campaign was an effort by Tiffany's to appeal to younger audiences and make the brand feel more relevant, Twitter's verdict was clear: a blood diamond wasn't the way to go.
The diamond, which was mined in South Africa in 1877, comes from origins laden in the implications of colonialism. The practice of mining in South Africa at the time was exploitative and destructive, eschewing the livelihoods and safety of African miners and their communities for... what? Money? So Tiffany could try to sell us some dream of affluence using Black celebrities as to "Blackwash" the history behind their treasured piece?
The Washington Post also had some choice words, saying: "Its campaign does not celebrate Black liberation — it elevates a painful symbol of colonialism. It presents an ostentatious display of wealth as a sign of progress in an age when Black Americans possess just 4 percent of the United States's total household wealth. If Black success is defined by being paid to wear White people's large colonial diamonds, then we are truly still in the sunken place."
Alongside the campaign, Tiffany & Co have promised to donate $2 million to HBCUs to fund scholarships and internships. But this measly amount (considering the multi-billion dollar net worth behind LVMH) is not enough to cover up that, despite their performative efforts to promote "diversity," Tiffany's is entrenched in a colonial history that neither beauty nor Beyonce can make us ignore.
While Black representation has been increasing over the past few years, the question of how we are represented is starting to be considered with more nuance. And as we examine the structures of wealth and hierarchical values, many people are starting to ask whether these should be the standards we aspire to anymore.
Jay Z and Beyoncé have come under fire before for their promotion of Black Capitalist values — which the kids don't seem to want. Jay Z especially seems invested in the trappings of traditional (read: white) success and wealth. His cannabis line recently unveiled a campaign based on the work Slim Aarons — which was famously focused on "attractive people doing attractive things in attractive places" — and its unashamed opulence raised some eyebrows.
Images like this aren't as revolutionary as they once might have been since they reinforce the status quo and tell marginalized people to reach for the same luxuries and lifestyles deemed aspirational by the people who have oppressed them.
Anti-capitalist theory has been around as long as capitalism has, but younger generations are more likely to question the status quo — even when it comes packed with Basquiat and Beyoncé.
The conversation about the Tiffany campaign is indicative of how Gen Z thinks differently about money and what it means to them. They are less likely to be seduced by the luster of the aspirational, and more receptive to relatability.
No more does financial literacy seem restricted to the pretentious or the elite — we get it, finance bros; you love capitalism. With Cleo, understanding your money is something that can align users with their values.
And those values don't look like blood diamonds or corporate pandering.
- Sorry, Beyoncé, but Tiffany's blood diamonds aren't a girl's best friend - Washington Post
- The Black-white wealth gap left Black households more vulnerable — Brookings
- The Unashamed Opulence of Jay Z's Luxury Cannabis-Themed Slim Aarons Photoshoot — Popdust
- ATTRACTIVE PEOPLE DOING ATTRACTIVE THINGS IN ATTRACTIVE PLACES WITH SLIM AARONS — Elle Decor
Road trips can be a lot of fun — but they can also drain your wallet quickly if you aren't careful.
From high gas costs and park admission fares to lodging and the price of eating out every night, the expenses can add up quickly. But at the same time, it's very possible to do road trips cheaply and efficiently. Without the headache of worrying about how much money you're leaking, you can enjoy the open road a whole lot more. Here's how to save money on a road trip.
1. Prepare Your Budget, Route, and Packing List in Advance
If you want to save money on a road trip, be sure you're ready to go. Try to count up all your expenses before you hit the road and create a budget. It's also a good idea to plan your route in advance so you don't end up taking unnecessary, gas-guzzling detours. And finally, be sure to pack in advance so you don't find yourself having to buy tons of things you forgot along the way.
2. Book Cheap Accommodations — Or Try Camping
All those motel rooms can add up surprisingly quick, but camping is often cheap or free, and it's a great way to get intimate with the place you're visiting. You can check the Bureau of Land Management's website for free campsites. Freecampsite.com also provides great information on If you don't have a tent or don't want to camp every night, try booking cheap Airbnbs or booking hotels in advance, making sure to compare prices.
camping road tripConde Nast Traveler
If you're planning on sleeping in your car, a few tips: WalMart allows all-night parking, as do many 24-hour gyms. (Buying a membership to Planet Fitness or something like it also gives you a great place to stop, shower, and recharge while on the road).
3. Bring Food From Home
Don't go on a road trip expecting to subsist on fast food alone. You'll wind up feeling like shit, and it'll drain your pocketbook stunningly quickly. Instead, be sure to bring food from home. Consider buying a gas stove and a coffee pot for easy on-the-go meals, and make sure you bring substantial snacks to satiate midday or late night cravings so you can avoid getting those late night Mickey D's expeditions.
Try bringing your own cooler, filling it with easy stuff for breakfast and lunch — some bread and peanut butter and jelly will go a long way. Bring your own utensils, plates, and napkins, and avoid buying bottled water by packing some big water jugs and a reusable water bottle. Alternatively, try staying at hotels or Airbnbs with kitchens so you can cook there.
4. Avoid Tolls
Apps like Google Maps and Waze point out toll locations, so be sure to avoid those to save those pennies. (If it takes you too far off route, you might have to bite the bullet and drive across that expensive bridge).
You can also save on parking fees by using sites like Parkopedia.
Road TripThe Orange Backpack
5. Save on Gas
Gas can get pricy incredibly fast, so be sure that you're stopping at cheap gas stations. Free apps like GasBuddy help you find the most affordable gas prices in the area. Also, try going the speed limit on the highways — anything faster will burn through your tank. Be sure that you don't wait till you arrive at touristy locations or big cities to fill up.
6. Get a National Park Pass
All those parks can get really expensive really fast. If you're planning on visiting three or more parks, it's a great idea to get an America the Beautiful National Parks Pass. For $80 you can get into every National Park for one year.